New cap1 card advised for aqua transfer.

Dandytf

I will remind myself of min payment for any cap1 card I have or get thought they have been at the lower side of min re payments at least until 2018 will re check.
I have one car payment not being debited this week though for the sake of a couple of hundred which could have went direct to 'aqua or another credit card, I thought I'de re activate VM saver from 2018 which went to 0 saved in space of 3 months of opening -think I'll try and use this again for a home Emergancy type savings account if possible.

Terry_Towelling

I know we've had this conversation before (twice) but it's a much better idea to clear debts that attract interest at high rates (e.g. credit cards) than to save a few quid at much lower rates.

I understand it is sometimes better to have an emergency fund available, but, often, most emergencies can be paid using the space you've freed up on your credit cards by paying extra to them.

Dandytf

I need to have some simple cash fund to avoid withdrawals from help2save at least for another year of possibly upto 3 more years -could be a reasonable savings attempt.
Re visited VM account opened July 2018 -one small withdrawal Aug' and second final withdrawal Oct' so at least it did last longer than a few weeks though no where near Emergancy fund status as such.
Though it did work to cover some essentials late last year which was sensible.

A4445

Dandytf wrote: »

Whilst Aqua debt has been growing, haven't re checked rates for years.
Guessing above 30-35% similar to what could become Cap1@34.9%
Aqua debt has been growing due to some home purchases, essential purchases.
If I swap a few hundred from Aqua to new Cap1 if accepted@6 mths 0%
Then I could try and pay off as much Cap1@0% within 6 months whilst maintaining slightly higher than minimum payments on reduced Aqua debt. -e.g. saving potentially 175 pounds approx I think.

I don’t wish to sound judgmental but you really need to address the overspending. Spending on high APR cards isn’t good. Saving money each month is pointless unless the interest earned is more than 34.9%. This I dout very much. The sencible thing would be to use the savings funds to pay your debts.

I have read lots of your posts over the months but things seem to be getting worse not improving. Time to have a good look at your finances.

Terry_Towelling

Don't know much about help2save (except that I don't qualify). What benefits does it confer upon you that are worth the misery of 34.9% APR for months/years on end?

Dandytf

1. My point is I need to save 1st to actually have a savings 'pot'
2. Help2save has potential of 50%interest year two and four-max 50 quid per month.
I find the idea of cash 'bonus' year two quite incentivising.
The cards apr 34.9% apr some higher some lower, I'm continuing until mid 2020's when maybe rates could return to lower levels again.
I don't take any mse help as judgement as it's at my discretion as to which decision I find useful and sometimes possible.
Improvements have in some respect being made as I collected my second used car last week on slightly higher apr though hopefully last me 3-5 years from 7k miles, I say improvement as this is what I call later years of dmp which I review only when next year has started and soon will be entering final few years.

A4445

I thought will on a DMP you were not allowed to take any further credit? I’m not sure if that’s correct tho?

Dandytf

A4445 wrote: »

I thought will on a DMP you were not allowed to take any further credit? I’m not sure if that’s correct tho?

Correct though I find it difficult to believe I'm the only person to attempt to take the route I have taken in later years of dmp.
I'm not justifying what I'm doing is right, I only know when I needed a car approx 1-2 years from starting dmp I learned then that there are finance companies happy to consider these circumstances though obviously then at considerably higher rate (high20's apr)-then next car 8.9 apr which I traded in last week and latest is 10% apr slightly higher though only 2 of 6 creditors had any finance to offer the dealership for my credit status.

Houndog6105

Remember cap one might give you a shocking £200 credit limit as they did with me and obviously that is not much help at all when trying to do a BT as you can only transfer about £90 all for the sake of a hard search on your report also

Dandytf

Houndog6105 wrote: »

Remember cap one might give you a shocking £200 credit limit as they did with me and obviously that is not much help at all when trying to do a BT as you can only transfer about £90 all for the sake of a hard search on your report also

Agreed thanks as I mentioned I'll decide tomorrow morning as I had closed Luma last year with 1k limit as I already have one cap 1 standard card 1450 limit with high balance.